ALBANY, New York, January 12, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Barite Market for Drilling Mud, Pharmaceuticals, Rubber & Plastics, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global barite market was valued at US$ 1.29 bn in 2015 and is projected to reach US$ 1.85 Bn by 2024, expanding at a CAGR of 4.1% between 2016 and 2024.
Barite (baryte) is a natural mineral composed of barium sulfate. Pure barite is a white, milky and colorless mineral with high specific gravity of 4.5 g/cm3. Based on purity and specific gravity, barite is classified as Sp. Gr. Grade up to 3.9, Sp. Gr. Grade 4.0, Sp. Gr. Grade 4.1, Sp. Gr. Grade 4.2, and Sp. Gr. Grade 4.3 & above. Sp. Gr. 4.1 and Sp. Gr. 4.2 grade barite is used for drilling mud application and Sp. Gr. 4.3 and above is primarily consumed as a filler and extender agent in paints coatings, plastics, and rubber industries.
Owing to robust growth of paints, coatings, rubber, and plastics in Asia Pacific and Europe and as these applications imperatively require Sp. Gr. 4.3 & above grade barite, these regions showcased largest consumption of high grade barite i.e. Sp. Gr. 4.3 and above in 2015. However, North America and Middle East & Africa were leading consumer of Sp. Gr. 4.1 and Sp. Gr. 4.2 grades largely due to major oil & gas production activities in the region in 2015. Sp. Gr. 4.3 and above are expected to be the fastest growing grade segment over the forecast period due to rise in demand for barite in industries such as paints, coatings, rubber, and plastics.
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In terms of volume and value, drilling mud application held the major share of the barite market in 2015. Barite is extensively employed as a weighting agent in the production of drilling fluids for drilling activities in oil & gas industry. Barite infused drilling fluids excellently counteracts the high pressure encountered during the oil & gas drilling activities, furthermore, it does not absorbs oil and does not erode the drill bits, unlike its alternatives. Rise in demand for oil & gas to fulfill the energy demands of the world is expected to drive the demand for barite during the forecast period. Barite is also used as filler material for rubber, plastics, paints, and coatings. It induces excellent durability and abrasion resistance to rubber and plastics; hence, barite is a preferred choice as filler additive in these applications due to economy. It is also employed in pharmaceutical applications as barium meal, for radiography of soft gastro-intestinal tissues.
In terms of volume, North America accounted for significant share of the barite market in 2015 and is anticipated to lead the barite market during the forecast period. Significant growth in drilling mud application for oil & gas industry in North America and Middle East & Africa is estimated to drive the barite market in the near future. Demand for barite is projected to be stable in Europe during the forecast period. However, demand for barite is expected to grow substantially in Asia Pacific due to robust growth of rubber, plastics, paints & coatings, and paper industries. Countries in Latin America such as Brazil and Mexico are projected to provide significant growth opportunities for the barite market during the forecast period.
Major companies operating in the barite market include Andhra Pradesh Mineral Development Corporation Limited, Halliburton Company, Excalibar Minerals LLC, P & S Barite Mining Co. Ltd., CIMBAR Performance Minerals, and Anglo Pacific Minerals.
The report provides comprehensive view of the barite market in terms of volume and revenue. It includes current demand analysis and forecast for grade and application segments in North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Furthermore, the report offers detailed country-wise analysis of the barite market in the regions mentioned above.
The barite market has been divided into the following segments.
Barite Market - End-user Analysis
- Up to Sp. Gr. 3.9
- Sp. Gr. 4.0
- Sp. Gr. 4.1
- Sp. Gr. 4.2
- Sp. Gr. 4.3 and above
Barite Market - End-user Analysis
- Drilling Mud
- Rubber & Plastics
- Others (Paints, Coatings, Paper, Pulp. etc.)
Barite Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Northern Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
Rest of Latin America
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